Sarama Resources Acquires the Bondi Gold Deposit in Burkina Faso From Orezone Gold - Seite 3

Metallurgical Performance

Metallurgical testwork commissioned by Orezone in 2013 concluded that the mineralisation is amenable to processing using a standard cyanidation flowsheet, with gold extractions of 97% and 91% being achieved for composite samples of oxide and fresh mineralisation respectively at a conventional grind size of P₈₀ 75 micron⁷. The metallurgical testwork results are contained in a report (Report on Metallurgical Testing -- Bondi Drill Samples MLI Job No. 3685, May 29 2013) compiled by McClelland Laboratories Inc. (Canada) (the "Metallurgy Report").

Disclosure of Historical Estimate

In February 20, 2009, Met-Chem Canada Inc. prepared a Canadian National Instrument 43-101 ("NI 43-101") technical report (Technical Report on the Mineral Resource of the Bondigui Gold Project) on Bondi for Orezone (the "Technical Report"). The Technical Report included disclosure of a Mineral Resource estimate which Sarama considers to be relevant and reliable at the time of disclosure given that it was prepared to NI 43-101 standards.

During a recent due diligence site visit to the Property, Sarama noted that oxide areas of the Bondi mineral resource have been affected by artisanal mining. The Company is not able to reliably estimate the extent of depletion and quantify its effect on the oxide component of the mineral resource. A Qualified Person has not done sufficient work to classify this Mineral Resource as a current Mineral Resource and as a result, Sarama is treating this resource as a Historical Estimate, as defined in NI 43-101, and not as a current Mineral Resource.

The Technical Report and the Metallurgy Report are currently available on Orezone's website www.orezone.com. The Technical Report is also available under Orezone's profile on SEDAR at www.sedar.com.

Key Commercial Terms

Pursuant to the terms of the Heads of Agreement, subject to TSX Venture Exchange approval and satisfaction of certain conditions set out in the Heads of Agreement, Sarama will issue to Orezone:

• 9.6 million common shares in the capital of Sarama (valued at $1.44M at a share price of $0.15 per share);
• 3 million warrants for common shares in Sarama, valid for 2 years and exercisable at a price of $0.195 per share, being 30% above the volume-weighted average price (calculated over a 10-trading day period immediately before the execution of the Heads of Agreement); and
• 2 million warrants for common shares in Sarama, valid for 3 years and exercisable at a price of $0.240 per share, being 60% above the volume-weighted average price (calculated over a 10-trading day period immediately before the execution of the Heads of Agreement).

Both warrants series will have an accelerated expiry, giving Sarama the option to reduce the life of the warrants if, at any time during their life, the closing price of Sarama common shares is 100% above the respective exercise prices for 15 consecutive trading days.